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slope to a cliff. you're wrong, sir. good night. >> that's a great way to decide it. >> just because you're a -- >> guys, what's for dinner? >> i spend a lot of time on cnbc because you're outnumbered doesn't mean you're wrong. >> good point. >> jared and peter, thanks very much. maybe we'll have both of you back. we'll see. all right. we're waiting on news from the supreme court. they could finally decide to take up the issue of gay marriage today. next in the spinning, boehner and obama one on one. watch out, mr. speaker. you know the president knows how to drive to the hoop. "the cycle" rolls on friday, december 7th. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to
slope to a cliff. you're wrong, sir. good night. >> that's a great way to decide it. >> just because you're a -- >> guys, what's for dinner? >> i spend a lot of time on cnbc because you're outnumbered doesn't mean you're wrong. >> good point. >> jared and peter, thanks very much. maybe we'll have both of you back. we'll see. all right. we're waiting on news from the supreme court. they could finally decide to take up the issue of gay marriage today. next in...
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look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time ago, this morning. it showed that consumer confidence plunged and in the first week of its month because americans don't know what to expect taxwise. that's a bad sign for retailers at the most important time of the year. the holidays. because guess what, if consumers aren't feeling confident, they are no going to spend. that domino effect that hit retailers, many of these retailers depend on the holiday sales to push them into a profit important the year. this is what's weighing out there in -- you know, for consumers, yes. fiscal cliff definitely weighing on things. despite the fact that the jo
look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time...
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cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly making that case. it is now up to conservatives to do that. demint will be leading charge. jon: he is the hero of the tea party which did so much damage to liberals in the 2010 election. >> done so much damage to themselves. harry reid would all agree would not be in the senate if not for the tea party nominating sharron angle, not not a strong candidate. delaware, todd aiken in missouri. tea party done a lot of damage to republican party. you would probably have senate republican leader mitch mcconnell if not for the tea party. to monica's point, jim demint will create problems from somebody like joh
cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly...
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cliff and he's clearly not interested at all in cutting any spending. >> reporter: but behind all the public posturing, there is still contact between the president's office and the speaker's people. and between the two men themselves. but everyone else is out of the loop. and there is some confidence, at least here at the white house, that they can find a solution. norah, charlie? >> bill plante, thanks. >>> november jobs report is out. rebecca jarvis is here. good morning. what do the numbers tell us? >> things are looking a lot better than we were anticipating. 146,000 new jobs created in the month of november. unemployment rate dips to 7.7% and there's two big reasons to why the report came out better than most people were expecting. first of all, the impact from superstorm sandy. it wasn't there. that's what the bureau of labor sta stisks told us. we thought it might have a significant impact. it didn't. second of all, a number of people gave up on looking for work. that's why you see the significant decline in the unemployment rate. >> where were the jobs gained? >> primarily re
cliff and he's clearly not interested at all in cutting any spending. >> reporter: but behind all the public posturing, there is still contact between the president's office and the speaker's people. and between the two men themselves. but everyone else is out of the loop. and there is some confidence, at least here at the white house, that they can find a solution. norah, charlie? >> bill plante, thanks. >>> november jobs report is out. rebecca jarvis is here. good...
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lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the very minimum, the cliff needs to be scaled back so it is only a hit to gdp at 1.5 percentage points at most. if you have more of a drive than that, it it becomes it. the economy will weaken. the budget deduction will deteriorate. we are seeing a fiscal drag in europe. i w
lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that,...
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there really is a fiscal cliff and concern about rising taxes in those consumer sentiment numbers creeping in and those higher income households pulled back on spending expectations on big ticket items of vehicles and appliances and consumer durables. that's significant. in terms of sandy, one thing i would note is on unemployment survey it was taken on november 5th, the day before the election. remember, there was a nor'easter a few days later that compounded some of the disruptions related to sandy and many of the unemployment insurance claims because people couldn't get out to make the unemployment claims didn't occur until the peak in the middle of november. i think the timing of this survey really did matter in this. steve made a good point on earlier than usual thanksgiving maybe swamping some of the retail effects that we would have seen from sandy because of the seasonals and the way the data was captured. i don't think underlying economy is that much stronger with downward revisions we saw in previous months. i do think the fact that timing and nor'easter was also in here and that
there really is a fiscal cliff and concern about rising taxes in those consumer sentiment numbers creeping in and those higher income households pulled back on spending expectations on big ticket items of vehicles and appliances and consumer durables. that's significant. in terms of sandy, one thing i would note is on unemployment survey it was taken on november 5th, the day before the election. remember, there was a nor'easter a few days later that compounded some of the disruptions related to...
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. >>> to reach an agreement on a plan to avoid the fiscal cliff. financial experts were on capitol hill yesterday to talk about the negative impacts if the automatic tax increases and spending cuts happen on january 1st. president obama visited a northern virginia family who would suffer finally if a -- financially if a deal isn't reached. the president's approval rating is at its highest point since the raid that killdee killed osama bin laden. 42% believe the nation is heading in the right direction. >>> the san diego zoo two new additions. they're 14 week old clouded leopard cubs and their adorable. they are brothers and playful. they like to pounce on each other and climb and use each other as trampolines. they arrived earlier from the nashville view where there's a successful breeding program saying hello for the endangering expertise. they are adorable but grow into big guys. >> you want to take them home until they get really big. >> and send them back to the zoo. >> it's 5:20 hoping to stop the slide. did the raiders beat the broncos in oak
. >>> to reach an agreement on a plan to avoid the fiscal cliff. financial experts were on capitol hill yesterday to talk about the negative impacts if the automatic tax increases and spending cuts happen on january 1st. president obama visited a northern virginia family who would suffer finally if a -- financially if a deal isn't reached. the president's approval rating is at its highest point since the raid that killdee killed osama bin laden. 42% believe the nation is heading in the...
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. >>> they are looking for a plan to a void the fiscal cliff. congressmen were on capitol hill talking about a negative impact in the spending cuts kick in january 1st. president obama failed a visit to a northern virginia family -- had a visit to a northern virginia family that that would affect if that happened. >> gives you a sense o of the costs involved in very personal terms. >> still the white house says those across the board spending cuts and tax hikes will take effect if republicans fuse to raise taxes on the wealthiest americans. >>> one of the tea party movements favorite lawmakers is is leaving the senate. south carolina republican jim demint announced yesterday that he's cutting his term short to join the heritage foundation. he said he would not run for a third term in 2016. >>> we're going to get the november jobs report from the labor department. they expect the unemployment rate to hold steady at 7.9% but they think job creation was down substantially from october because of superstorm sandy. >>> apple fans, did you know all yo
. >>> they are looking for a plan to a void the fiscal cliff. congressmen were on capitol hill talking about a negative impact in the spending cuts kick in january 1st. president obama failed a visit to a northern virginia family -- had a visit to a northern virginia family that that would affect if that happened. >> gives you a sense o of the costs involved in very personal terms. >> still the white house says those across the board spending cuts and tax hikes will take...
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. >>> now it's up to two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case that everybody has been cleared out of the room, does that surprise you? it seems to make sense to me. >> reporter: it's not surprising at all. this is what observers of this process thought would happen all along. ultimately this was a process that would come down to president obama and house speaker john boehner brokering a deal. very much the way you saw they attempted to do during the debt ceiling debacle last year. it simplifies the problem of less cooks in the kitchen. then they will have to sell it. president obama would have to bring in democrats. john boehner would have to bring in his republicans an
. >>> now it's up to two men to try to keep america from going over the fiscal cliff. 25 days and counting from the massive tax hikes and spending cuts. congress breaking in a week for the holiday. so john boehner trying to simplify things. he's asking top democrats and republica republicans to step aside so he can negotiate with the president one-on-one. it seems to be a request that everyone was able to live with. brianna keilar is live for us at the white house. if this is the case...
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it's one of the reasons why the fiscal cliff could be as bad for the economy. if state and local governments are continue to cut back or not spend, still hoarding catchsh and consumers aren't spending ex is for a new iphone the one positive input to the gdp right now, maybe not in six months but right now, the one positive input is the fed recall government. if the federal government through the fiscal cliff is going to withdraw $600,000,000,000, which is what the live would do, it will throw us back into a recession. >> that's just what we don't need now. >> bill: i was going to ask you and i think you are getting to it already is what now does president -- two things: what does president obama say he will have an opportunity somewhere today, what does he say about these numbers? two, can he use these numbers to bolster his case for a deal on the fiscal cliff? >> the answer first of all, f they were to dahl me i would say don't take a victory lap because it's 7.7% unemployment. if you are under employed or you have stopped looking or don't have a job at all, y
it's one of the reasons why the fiscal cliff could be as bad for the economy. if state and local governments are continue to cut back or not spend, still hoarding catchsh and consumers aren't spending ex is for a new iphone the one positive input to the gdp right now, maybe not in six months but right now, the one positive input is the fed recall government. if the federal government through the fiscal cliff is going to withdraw $600,000,000,000, which is what the live would do, it will throw...
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so the fiscal cliff is looming. there are a the lo of people who say the republicans need to stand together and if the president isn't gog deal fairly and offer up some spending cuts and talk about entitlement reform, the republicans need to be willing to hole hands and jump off the fiscal cliff with the president. are you ready? >> we would prefer that didn't happen. there are a lot of bad outcomes. you got a lot of analysis that's been done, ernst says if we go over the fiscal cliff or raise taxes it will cost us over 700,000 jobs, reduce economic growth, lower take home pay, all those things. that's a bad scenario. the president has made it very clear, tim geithner, his treasury secretary said a couple days ago, absolutely we're ready to go over the cliff. republicans don't think that's the solution. but i do think that if he gets what he wants, he gets higher taxes, he gets defense cuts, if we go over the cliff. so i don't think there is a lot of incentive on the president's part right now to be at the table to
so the fiscal cliff is looming. there are a the lo of people who say the republicans need to stand together and if the president isn't gog deal fairly and offer up some spending cuts and talk about entitlement reform, the republicans need to be willing to hole hands and jump off the fiscal cliff with the president. are you ready? >> we would prefer that didn't happen. there are a lot of bad outcomes. you got a lot of analysis that's been done, ernst says if we go over the fiscal cliff or...
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cliff. >>> a developing story out of north korea. the country may set off a long range rocket as early as this monday. that's according to media reports in south korea. the rocket is reportedly being fueled, but heavy snowfall may have slowed down preparations. north korea wants to launch what it calls a peaceful satellite sometimes before november 22nd. the u.s. believes the rocket is a cover to test missile technology. >>> president obama is speaking out against ongoing unrest in egypt. he has called egyptian president mohamed morsi to express concern about recent protests that have resulted in numerous deaths and injuries, calling the violence unacceptable. president obama did welcome morsi's call for talks with opposition leaders. this comes after a violent week in cairo. on wednesday night, six were killed and nearly 700 injured in protest outside morsi's palace. >>> this morning d.c. mayor vincent gray will announce a new flood prevention for bloomingdale. this comes after flash floods
cliff. >>> a developing story out of north korea. the country may set off a long range rocket as early as this monday. that's according to media reports in south korea. the rocket is reportedly being fueled, but heavy snowfall may have slowed down preparations. north korea wants to launch what it calls a peaceful satellite sometimes before november 22nd. the u.s. believes the rocket is a cover to test missile technology. >>> president obama is speaking out against ongoing...
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go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax on everyone who pays taxes or everyone? everyone means the poor and 47% will start paying. >> greg: if you raise taxes up 2%, eight days of government? >> andrea: the dirty
go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put...
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if he goes off to hawaii and spends three weeks there, and no deal happens and the fiscal cliff hits and we've got the largest tax increase in history and the markets plummet and he's sitting over there splashing in the surf, i don't think he can do it. >> i wonder what other nations think about us? this is, you know, is it a terrible problem we are going through right now, but we look like we can't handle our own business. we can't talk to each other, we can't figure out our own economics, and i can't think what kind of morale authority do we have in the world when we look so pathetic, so pathetic in terms of how we handle things and the fact that we don't? >> the problem with the american people is today they are -- greta, they are as deeply divided and polarized as we have almost ever been. look what boehner is could go right now in making a deal. he's violates his fundamental principles. he's violatings a commitment he made to the american people. he's doing something that he thinks will hurt the american economy, $800 million of tax on job creators, he's splitting his party, he'
if he goes off to hawaii and spends three weeks there, and no deal happens and the fiscal cliff hits and we've got the largest tax increase in history and the markets plummet and he's sitting over there splashing in the surf, i don't think he can do it. >> i wonder what other nations think about us? this is, you know, is it a terrible problem we are going through right now, but we look like we can't handle our own business. we can't talk to each other, we can't figure out our own...
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cliff -- the real fiscal cliff is national bankruptcy, and its imminent if we don't cut spending and entitlements . obama is a bully, inflection i believe, making demands we can't accept because his demands involve spending increases, no spending reductions, tax increases on two percent of people who won't do anything with revenues. it's totally unacceptable. at least under the fiscal cliff we have some mandatory cut, albeit us proportionately to defense spending. but it's better than accepting obama's terms crammed down our throat. boehner needs to get a told of this pr machine and paint obama as the one who is holding the country hostage. he wants to talk about holding the middle class hostage. no, it's him holding the entire country hostage and our kids hostage to his reckless spending and cynical refusal to enter the entitlement reform game. >> i don't even want to hear more about taxes. juan, shaking your head. >> i hear you, gentlemen. you guys are wonderful. merry christmas. but sean you said hyperpartisanship, and david talks about inflexibility. you know, and i'm thinking to
cliff -- the real fiscal cliff is national bankruptcy, and its imminent if we don't cut spending and entitlements . obama is a bully, inflection i believe, making demands we can't accept because his demands involve spending increases, no spending reductions, tax increases on two percent of people who won't do anything with revenues. it's totally unacceptable. at least under the fiscal cliff we have some mandatory cut, albeit us proportionately to defense spending. but it's better than accepting...
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lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the very minimum, the cliff needs to be scaled back so it is only a hit to gdp at 1.5 percentage points at most. if you have more of a drive than that, it it becomes it. -- if you have more vague d rag than that, it becomes unsustainable. the economy
lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. -- an issue fairly soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still...
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i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less
i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong....
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are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend component, entitlement reform component. for us, the business community and all the ceos, certainty is the greatest stimulus for us. >> do you support tax rates going higher? >> me personally, as an individual, more importantly the business community, which i'm part of. we support something inclusive. if rates were higher in a videocasset vacuum, i'm not sure we'd be supportive of that. we have to make sure the consumers, those who spends a lot of the dollars, the middle class, are protected in this exercise. >> i guess the question i'm really getting at is, do you get the revenue from tax increases or from broadening
are you expecting the economy to go over the fiscal cliff and see these taxes go high hadder and spending cuts take effect? >> my personal view is i'm still optimistic. i think the conversation has been constructive since. do we have a solution on the table yet? no. but i'm optimistic we'll get to a framework. >> why? >> there's been enough dialogue. there's been movement. everyone seems to recognize the problem. everybody realizes there has to be a revenue component, spend...
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. >>> lawmakers are getting an earful about why they need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months rent for this family. >> reporter: the white house has made clear the country could go over the cliff, if republicans refused to raise taxes on the top 2% of american earners. >> for them to be burdened, unnecessarily, because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: republican leaders say they will close loopholes loopholes and eliminate tax breaks to raise money. but insist that bush-era tax cuts must be extended for all americans. >> reporter: the standoff and the country's skyrocketing debt, concerns ryan shenecki. so much so that he's the guy in the suit, dancing gangnam style with former senator allen simpson. >> i'm keeping up on this baby. >> reporter:
. >>> lawmakers are getting an earful about why they need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months rent for this family. >> reporter: the white house has made clear the country could go over the cliff, if republicans refused to raise taxes...
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but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of...
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fiscal cliff. what those tax increases mean to an average american family of four earning $50,000 a year is over $2,000 in higher income taxes. add to that expiration of the alternative minimum tax patch, new taxes mandated by the federal health care bill, and the reinstatement of the death tax, which will impact the next generation of farmers, ranchers, and small business owners, which americans will see the largest tax increase in the history of our country. if all of this happens, the congressional budget office predicts the nation's economy will shrink next year and the unemployment rate could rise again. in other words, we go back into recession. i believe we can avoid the fiscal cliff and address our massive deficit but that requires doing three essential things: reforming our tax code, reforming entitlement programs, and better controlling our spending. we can get additional revenue by reforming our tax code. that means closing loopholes and limiting deductions. by closing loopholes and limi
fiscal cliff. what those tax increases mean to an average american family of four earning $50,000 a year is over $2,000 in higher income taxes. add to that expiration of the alternative minimum tax patch, new taxes mandated by the federal health care bill, and the reinstatement of the death tax, which will impact the next generation of farmers, ranchers, and small business owners, which americans will see the largest tax increase in the history of our country. if all of this happens, the...
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taxpayer dollars without any limit at all. >> even as the fiscal cliff negotiations drag on in washington, wall street seems to be basically unphased. the dow jones has slipped only about 200 points since the election. why isn't wall street more on edge itself? william cohen is the author of "money and power, hold goldman sachs came to rule the world." the labor department came out with the applications for unemployment aid saying it fell sharply for the last week and stocks basically opened flat this morning as we've seen. some of that has to do more with europe than it does with washington. but what is your reasoning for why wall street hasn't displayed more of an impact from this fiscal cliff nonsense? >> thomas, what wall street hates most of all is uncertainty and it's counterintuitive, there's actually plenty of certainty now. what's going to be certain is taxes are going up. either we go off the cliff or the curb and then taxes rise for everybody and then maybe they get repealed for the middle class and others or we reach a deal and taxes go up for the wealthiest 2% and everybody e
taxpayer dollars without any limit at all. >> even as the fiscal cliff negotiations drag on in washington, wall street seems to be basically unphased. the dow jones has slipped only about 200 points since the election. why isn't wall street more on edge itself? william cohen is the author of "money and power, hold goldman sachs came to rule the world." the labor department came out with the applications for unemployment aid saying it fell sharply for the last week and stocks...
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the mandatory increases across the board taxes from everyone if we go over that fiscal cliff, you got to compromise. there's nothing wrong with compromise. to some liberals on the far left, conservatives on the far right, compromise is a dirty word. you should never compromise with the other side. they hate that. they rather go over the fiscal cliff but the overwhelming majority of americans totally disagree with those hard line positions on the extreme left and the extreme right. they want to compromise and they want a deal and they want the president and john boehner, the republican leadership and democratic leadership to come up with something that avoids going over the fiscal cliff. i think that's what that poll shows. >> let me change topics for a bit. news broke just before the program that republican senator jim demint is leaving. he decided to take over the heritage foundation. i have a question for you in that was this expected? he's a staunch conservative and opponent to craving into democrats and how do those things factor into a way ahead for republicans in the senate? >>
the mandatory increases across the board taxes from everyone if we go over that fiscal cliff, you got to compromise. there's nothing wrong with compromise. to some liberals on the far left, conservatives on the far right, compromise is a dirty word. you should never compromise with the other side. they hate that. they rather go over the fiscal cliff but the overwhelming majority of americans totally disagree with those hard line positions on the extreme left and the extreme right. they want to...
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now, the automatic spending cuts that would kick in if congress does not reach an agreement on the fiscal cliff would force the pentagon to slice about 10% of the budget. the defense industry projects one in five defense contracts in california would be lost. the aerospace industry is projecting that 135,000 department jobs would be cut along with 90,000 jobs for a total of about 225,000 jobs lost in california over the next few years. alison burns, ktvu channel 2 news. >>> 8:16. well, today will mark the 9 oth annual lighting of the national christmas tree. president obama and his family, they will flip a switch lighting that tree this evening. neil patrick harris, remember doogie howser? he will be hosting the event. james taylor and the fray will be among the group of perform. president calvin coolidge started this tradition back in 1923. >>> well, free flu shouts are offered for all bay area youth between the ages of 4 and 18 at pharmacies at most local target stores. the paige family foundation set up by larry paige and his wife, they are paying for those flu shots. the adults often
now, the automatic spending cuts that would kick in if congress does not reach an agreement on the fiscal cliff would force the pentagon to slice about 10% of the budget. the defense industry projects one in five defense contracts in california would be lost. the aerospace industry is projecting that 135,000 department jobs would be cut along with 90,000 jobs for a total of about 225,000 jobs lost in california over the next few years. alison burns, ktvu channel 2 news. >>> 8:16. well,...
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cliff. treasury secretary tim geithner says the administration will allow the nation to be slammed by tax hikes and spending cuts in the new year if the republicans do not agree to raise taxes on wealthy americans. the gop slammed geithner's comments as, quote, irresponsible. >>> a new york city homeless man has been charged with second-degree murder in the death of a man pushed in front of a subway train. 30-year-old naeem davis being held without bail. he has several prior arrests and served two years in prison for robbery. on wednesday, the victim's family spoke out. his daughter said she wishes someone would've helped her father off the tracks, but said, quote, what's done is done. >>> a candle light vigil in evansdale, iowa. on wednesday, hunters discovered two bodies that are believed to be missing cousins 11-year-old lyric cook and 9-year-old elizabeth collins. they were last seen in july. they disappeared while riding their bikes. >>> kate, the duchess of cambridge has left the hospi
cliff. treasury secretary tim geithner says the administration will allow the nation to be slammed by tax hikes and spending cuts in the new year if the republicans do not agree to raise taxes on wealthy americans. the gop slammed geithner's comments as, quote, irresponsible. >>> a new york city homeless man has been charged with second-degree murder in the death of a man pushed in front of a subway train. 30-year-old naeem davis being held without bail. he has several prior arrests...
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the president yesterday on the fiscal cliff. >> obama: let's allow higher rates to go up for the top 2% that includes all of you guests but not in anyway that is going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see a single dime of tax increases next year and by doing that alone we raise almost a trillion dollars. [♪ "world news tonight" theme ♪] >> stephanie: associated press says the white house is signalling president obama is willing to let the country go over the cliff. this is a choice of the republican party if they are willing to do higher rates on the country, there is a lot to talk about, if they are not, they will push us over the cliff. tim geithner said there is no prospect in an agreement that doesn't include the tax rate going up on the top 2% of americans. he said we are not prepared to have the american economy held hostage to periodic threats. >> there you go. >> stephanie: and he pointed out, taxes were the
the president yesterday on the fiscal cliff. >> obama: let's allow higher rates to go up for the top 2% that includes all of you guests but not in anyway that is going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see a single dime of tax increases next year and by doing that alone we raise almost a trillion dollars. [♪ "world...
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i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we wasting our money? democrats want to cut taxes. host: armstrong williams? guest: we haven't gotten to affordable care and medicare and medicaid. if affordable care was administered correctly and if he did not have the special interest groups and if tort reform was not included, package you move forward in making health care work for anyone if you do not bring tort reform to the table? the medical malpractice lawsuits are out of control where doctors are paranoid and have to think twice before going through these procedures. it becomes a nightmare
i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we...
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as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff if republicans do not accede to his demands. >> it's probably pretty real. but you can't get to where we need to go by cutting spending, that won't cut it. you're going to destroy a fragile economy. you can't get there by taxing your way into it and you can't grow your way out of this. you have to have a blend. when you have leaders of parties and people from the administration saying i think it will be to the advantage of the democrats to go off the cliff or i think it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> let me ask you about a report that some republicans now are perhaps willing to see the tax rates rise to some degree on top earners in exchange f
as you well know, we face the fiscal cliff, a series of tax hikes and spending cuts that many people think if they go into effect will put the country into recession. yet we heard the treasury secretary tim geithner say the president is willing to see the country go off the fiscal cliff if republicans do not accede to his demands. >> it's probably pretty real. but you can't get to where we need to go by cutting spending, that won't cut it. you're going to destroy a fragile economy. you...
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a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house speaker john boehner talked on the phone yesterday, but they agreed not to characterize their conversation. so it's unclear how much progress they made. from the outside, it does seem they've moved a bit closer with boehner now agreeing to raise tax collection from the wealthy, though not by raising tax rates. >> we've got to cut spending and i believe to put revenues on the table. the revenues we're putting on the table will come from, guess who, the rich! there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates which
a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house...
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the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically week and counting before you think the equity market really drops significantly? >> if we do get a deal done do, we just maintain the 2% that we're stuck in with the high unemployment and not go down? or does it actually allow us to start growing again? is anybody talking growth? >> we're talking growth. >> is it possible to ever get back to that in this environment? >> it is. you have a lot of problems with the piece. >> do you briyou believe if you rote deficit -- two different ways. you either keep the government that you
the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically...
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there is plenty of data to show that people don't even know what the fiscal cliff is. it shrinks rather than expands it. you don't spend. anti-keynesian has become the same politician involved in marriage and-- >> eliot: i distinguish between the two, the theological strand of the party is more of the social, same-sex marriage. >> i don't think there is as much distinction as you think there is. >> eliot: the second category, the tea part i began as economic empowerment. you're right. folks who say get government out of medicare, there is no logic to what they're saying. do youdo you buy it, but boehner is trying to harness and hold together that is fraught with inconsistencies. >> well, first of all i agree with sam. i think-- >> eliot: am i outvoted? i'm not sure that i like this. >> it's a distinction without a difference in the first two groups, and i don't think there is a third group left not with any power. do i think boehner is trying to rein in his caucus by sending a couple of rookie pitchers down to aa? if john boehner wanted control of his caucus he could d
there is plenty of data to show that people don't even know what the fiscal cliff is. it shrinks rather than expands it. you don't spend. anti-keynesian has become the same politician involved in marriage and-- >> eliot: i distinguish between the two, the theological strand of the party is more of the social, same-sex marriage. >> i don't think there is as much distinction as you think there is. >> eliot: the second category, the tea part i began as economic empowerment....
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it's 10:00 on the east coast and we begin with brooking news on the looming fiscal cliff. and signs of a potential fall. for the past few nights we've been telling you about the frustrating lack of progress to avert a deal on automatic tax hikes and spending cuts that kick in less than four weeks from now. poll after poll shows the american people want compromise. but there weren't many sig that was going to happen, nothing was getting done. in a cnn/orc poll taken a few weeks ago, 67% said washington officials would behave like spoiled children in the fiscal cliff discussions. only 28% said they would behave like responsible adults. tonight, signs that maybe some adult behavior might be prevail. and a compromise might be reached. joining me now live is senior white house correspondent dana bash, jessica yellin and david gergen. what's the latest? what are you hearing? >> reporter: they are a long way from a deal. but late today speaker boehner and president obama did speak to one another on the phone. now, this is an important development because it's the first time they'
it's 10:00 on the east coast and we begin with brooking news on the looming fiscal cliff. and signs of a potential fall. for the past few nights we've been telling you about the frustrating lack of progress to avert a deal on automatic tax hikes and spending cuts that kick in less than four weeks from now. poll after poll shows the american people want compromise. but there weren't many sig that was going to happen, nothing was getting done. in a cnn/orc poll taken a few weeks ago, 67% said...
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>> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president obama. >> greta: well, it appears to many in the city that it's politico check mate for the president. if we go over the fiscal cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume the middle class will look to the rawp republicans foe fact that their taxes come up so political check mate. >> i'm not so sure. president obama could avoid that very simply by putting maybe two or three to one expenditure reductions on the table for revenue increases, something like sim responsibl simpson bow. he has a formula given to him by a commission he
>> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president...